The top 100 Ethereum whales now have the second-largest token holdings, trailing only their ETH holdings. These cryptocurrency bulls have always been positive, but their holdings have primarily increased in recent months. The accumulating pattern implies that these whales are shifting away from favorites like Shiba Inu and towards FTX Token. Given how much these whales can contain, this appears to be the case.
The FTX Token accounts for 20% of the total
The top Ethereum whales’ largest token position by dollar value is now FTX Token, thanks to a recent increase in their holdings. It’s worth noting that these whales have a tendency to buy in similar patterns, therefore their holdings tend to match. The list’s featured token, FTX Token, has been battling it out with meme coin Shiba Inu for the top slot. However, with recent events, it has even surpassed the USDC’s whale holdings.
Stablecoins were previously the greatest holdings of these whales after ETH. However, the Terra UST meltdown sparked widespread suspicion among investors, and it appears that the whales were not spared. FTX Token tokens currently account for 20.03 percent of ETH whales’ holdings. This values the property at roughly $1 billion. With a total value of $843.6 million, USDC presently accounts for only 17.66 percent of their entire holdings.
Shiba Inu, which formerly held the top spot in terms of monetary value, is currently trailing FTX Token and USDC. The meme coin now accounts for 11.73 percent of the total. Its current market worth is $560.59 million, nearly half of what it was at the beginning of the month.
What Are Ethereum Whales Buying?
Even though the value of stablecoins appears to have fallen, this does not mean that the whales have abandoned them. The USDC stablecoin is at the top of their list of top 10 purchases in the last 24 hours.
Whales bought an average of $161,969 USDC in the last 24 hours, making it the most popular coin during that time. This puts the stablecoin ahead of Ethereum (ETH), which has witnessed an average purchase of $130,405 in the last day. BUSD is third on the list with an average of $106,937, while USDT is fourth with an average of $70,539 dollars.
This suggests that ETH whales are looking for a safe haven during this period of great uncertainty. Stablecoins provide this safe haven because their value does not change and is maintained at the time of purchase. As a result, they provide insurance against losses as long as they keep their peg.
Metaverse token SAND and BAYC’s APE are two other tokens that ETH whales are buying. These tokens, along with favourites like the FTX Token token, which is presently trading at $30.69 at the time of writing, dominate the trading activities of these top ETH wallets.
Source: Bitcoinist